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How much does linda include in gross income

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Linda's husband dies, naming her the sole beneficiary of a $500,000 life insurance policy. The insurance company informs her that she has two options: (1) she can receive the entire $500,000 in one lump-sum payment or (2) she can receive annual installments of $58,000 for 10 years. (Do not leave any answer field blank. Enter 0 for amounts.)

Problem a. How much does Linda include in gross income if she takes the lump-sum payment?

Problem b. How much does Linda include in gross income each year if she elects the installment payments?

Reference no: EM132842382

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